Keeping you up to date on the latest data releases.
- ISM Manufacturing
The ISM’s Manufacturing Purchasing Managers Index (PMI) fell from 54.8 to 53.5 in May, almost entirely reversing April’s increase. All but one component of the index decreased during the month. Production posted the biggest fall, dropping from 61.0 to 55.6 after two straight months of gains. Inventories also continued to fall, decreasing for the second time in as many months. The inventories index declined from 48.5 in April to 46.0 in May. Smaller declines were also realized in the employment index, down 0.4 point to 56.9, and the supplier deliveries index, now at 48.7 after a 0.5 point drop in May. The only increase occurred in the new orders index, which added 1.9 points to an index level of 60.1. The prices index (which is not seasonally adjusted and does not enter into the overall PMI) tumbled in May, falling 13.5 points to 47.5. This is the lowest level since December 2011, and it also represents a decline in the price of raw materials.